USA crude stocks down, gasoline stocks up more than expected

USA crude stocks down, gasoline stocks up more than expected

Market surveys estimated that USA gasoline and distillate inventories could have risen by 1,741,000 barrels and 967,000 barrels during the same period.

U.S. West Texas Intermediate crude oil and internationally-favored Brent crude oil finished higher on Tuesday on speculation that the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) weekly reports will show a drop in U.S. crude inventories.

Crude oil prices lost ground early Wednesday on a build in US gasoline supplies, an indication of lower demand, and fears about the global economy.

Oil slid toward $57 a barrel after industry data showed US gasoline stockpiles expanded for the first time in four weeks.

At the Multi Commodity Exchange, crude oil for delivery in December was trading sharply lower by Rs 26, or 0.70 per cent, to Rs 3,698 per barrel in 1,601 lots.

U.S. gasoline demand fell by 871,000 bpd (barrels per day) or 9% to 8,724,000 bpd on November 17-24, according to the EIA.

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Inventories at the Cushing, Oklahoma, site decreased by 1.951 million barrels this week. Net petroleum supplies fell by about 2.5 million barrels because of dips in other oils and products, according to the Energy Department. WTI Crude is now trading at $56.84 per barrel, down 1.35% on the day.

Distillate inventories also saw a build this week, rising 4.259-million barrels, against a forecast of a 548,000-barrel build.

Last week's announcement from OPEC and its allies that production cuts would continue through to the end of 2018 had already been priced into crude.

Refineries operated at 93.8% of their capacity during the same week, the EIA said.

Chevron Corp. (NYSE: CVX) traded down about 0.2%, at $120.10 in a 52-week range of $102.55 to $122.30.

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